A group of Conservative MPs have proposed that UK should attract money and diversify its economy by selling visas to rich immigrants and foreign companies. The Free Enterprise Group is a recently formed group of 43 Conservative MPs. Its website says that ‘Conservatives need to recast the argument about free enterprise for a new age or risk losing the debate to a tide of anti-market socialisation’.

The report, The Innovation Economy – Industrial Policy for the 21st Century, was written by George Freeman MP and Kwasi Kwarteng MP. Mr Kwarteng is the old Etonian son of Ghanaian parents who immigrated to the UK in the 1960s as students.

The main thesis of the report is that the economy of UK has become too reliable on cheap credit, on its financial sector and on international trade with the stagnant Eurozone. The report suggests three measures to help the UK economy prosper through innovation. It suggests

Unleashing private sector enterprise

Unlocking the economic value of the public sector and

Diversifying trade away from the EU to the global economy

In addition to that the report proposes three steps that will help diversify trade away from EU:

· Lowering corporation tax to 10%

· Developing new partnerships with emerging markets and The introduction of ‘market based immigration visas’.

The report notes that the government of UK is committed to reducing immigration, but at the same time highly-skilled immigrants are crucial for the growth of UK economy. They argue that ‘selling visas to companies or individuals would be less bureaucratic than today’s system, allow the government to control the flow through price changes and ensure that workers would only come if they added significant value to the economy’.

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